• news.cision.com/
  • Tamro -g/
  • TAMRO GROUP INTERIM REPORT FEBRUARY–JULY 2010: SOLID RESULT IMPROVEMENT DESPITE SLOW MARKET GROWTH
English

TAMRO GROUP INTERIM REPORT FEBRUARY–JULY 2010: SOLID RESULT IMPROVEMENT DESPITE SLOW MARKET GROWTH

Report this content

​Positive effect also from foreign exchange rates

Second-quarter highlights

• Tamro Group net sales in May–July 2010 amounted to EUR 1,445 million, an increase of 6.6%. The increase in sales was primarily driven by strengthened foreign currencies. At constant exhange rates, net sales increased by 1.1%.

• Operating profit for May–July amounted to EUR 34.4 million, up by EUR 4 million. Profit increases stemmed from operational improvements in the Nordic countries, lower costs from the Swedish operations due to the divestment of retail at the end of the previous quarter and positive foreign exchange rate effects.

• Profit before taxes for May–July was EUR 31.8 million, up by EUR 3.7 million. Net financial expenses decreased during the quarter despite including one-off costs of EUR 1 million.

• Tamro Group’s balance sheet and key ratios continued to develop positively during the period. At the end of the second quarter the Group’s net debt was EUR -30.3 million, driven by strong profit development and capital efficiency coupled with lower investments.

Tamro’s President & CEO Juha Koponen:

“Tamro Group’s second-quarter results reflect solid performance on all levels. Besides operational improvements, the lower financing costs and strengthened exchange rates influenced our profit development positively. The market environment remains challenging for many of our business units and rapid growth in the pharmaceutical market cannot be expected. Our continued focus needs to be on effectiveness, cost control and the high quality of all our operations.”

Group key figures

 

  5–7 5–7 Change 2–7 2–7 Change
  2010 2009 % 2010 2009 %
Net sales, mEUR 1,445 1,356 6.6 2,869 2,681 7
Operating profit, mEUR 34.4 30.4 13.2 65.7 60.1 9.3
Profit before taxes, mEUR 31.8 28.1 13.2 65.4 53.5 22.2
Return on capital employed, % 31.5 31.3   32 30.2  
Personnel, average 5,480 5,550 -1.3 5,484 5,522 -0.7

 

Outlook for the full year 2010/2011

Operating profit for 2010/11 is expected to improve clearly from the previous financial year despite the very modest growth of the pharmaceutical markets. Profit increases will arise from operational improvements, positive exchange rate effects, and the divestment of the retail operations in Sweden.

 

The interim figures are unaudited.

Tamro Corporation

Board of Directors

For further information, please contact:

Mr Juha Koponen, President and CEO, tel. +358 20 445 4041

Mr Sakari Ahdekivi, CFO, tel. +358 20 445 4083

Ms Terhi Kivinen, Director, Communications and Corporate Responsibility, tel. +358 40 848 4001, terhi.kivinen@tamro.com

This interim report has been disclosed as a web interim report on Tamro Group’s web site at www.tamro.com. Tamro’s image bank can be found on the same web site.

 

Documents & Links